A professor of applied economics at John Hopkins University said that El Salvador’s president is not right about their decision with Bitcoin law. Professor took the reference of a report by the IMF.
In the recent month, International Monetary Fund authorities published a report on Bitcoin or Digital currency adoption as a legal currency. They mentioned clearly that Adoption of digital assets as a currency is a very risky because of many factors like money laundering activities & economical/financial crisis because of the volatility nature. Since they didn’t considered the name of El Salvador but indirectly they talked about the Salvador’s decision to bring Bitcoin as a legal currency.
A famous professor of applied economics at John Hopkins University, Mr. Steve Hanke, took the reference of the IMF report to connect El Salvador directly.
According to Hanke, El Salvador’s President’s decision is a wrong move to adopt Bitcoin as a currency. This will bring huge problems in future. The economy of El Salvador may face a big dangerous situation.
“El Salvador’s Road to Currency Chaos and Economic Collapse”
Also, Hanke thinks that “Bitcoin law” is a forced tender on the public of El Salvador.
Hanke further took the reference of the World Bank and rating on the insurance industry by International rating. And in the end his views explain how crypto will bring a harder situation for El Salvador’s economy. The El Salvador’s will get burned. And also El Salvador will move toward a list of failed Central American countries.
“The markets are telling us that Bukele’s authoritarian tendencies and crackpot cryptocurrency ideas will result in currency chaos and economic collapse”